The 20-year-old's contract with his parent club is due to end in the summer and there is no doubt he is wanted for good at Gresty Road.
But Davis said: "It's a bit early. He's been great for us but I don't know what he will do in the summer. I've not spoken to him about it. He's fully focused on playing as well as he can and scoring as many goals as he can to keep us up this season.
"I'm not going to rule anything out, but he's still an Arsenal player of course and we respect that."
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball